Video Description

Capitalism is not driven by rational homo economicus, but by power, greed and vested interests. Neoclassical economists' tidy models still shape policy, but other insights into conspicuous consumption, monopoly and political capture better explain today’s world—and remind us economics must face reality, not fantasy, if it is to serve society. 00:00 – Introduction: Richard & John on capitalism 01:30 – Who is John Christensen? Tax Justice Network 03:00 – Today’s theme: Homo Economicus & Thorstein Veblen 05:00 – Neoclassical economics in the 19th century 07:15 – Francis Edgeworth and mathematical psychics 10:00 – Jeremy Bentham, utility, and the idea of maximisation 12:00 – The problem with the “rational human calculator” 15:00 – Early challenges to Homo Economicus 18:00 – Power, exploitation, and what economics ignored 21:00 – From Adam Smith’s messy markets to neat models 24:00 – Veblen’s world of robber barons and sabotage 27:00 – Conspicuous consumption: power on display 30:00 – The Theory of the Leisure Class and emulation 33:00 – The Theory of the Business Class: rent extraction 36:00 – Monopoly, markets, and manipulation today 38:00 – Political economy vs mainstream economics 40:00 – Conclusion: Why Veblen’s insights still matter TRANSCRIPT A transcript for this video is available at: https://www.taxresearch.org.uk IF YOU WANT TO WRITE TO YOUR MP ABOUT ISSUES IN THIS VIDEO If you want to write a letter to your MP on the issues raised in this blog post, there is a ChatGPT prompt to assist you in doing so, with full instructions, here. https://www.taxresearch.org.uk/Blog/2025/06/20/chatgpt-prompt-for-a-letter-to-your-mp/ HOW TO SUPPORT US Please consider donating: https://ko-fi.com/taxresearch ABOUT RICHARD MURPHY Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax’. This video was edited by Thomas Murphy. RICHARD MURPHY ON BLUESKY: https://bsky.app/profile/richardjmurphy.bsky.social OR ON MY BLOG: http://www.taxresearch.org.uk/Blog/ HIT SUBSCRIBE & GET NOTIFICATIONS Subscribe and get notified of new videos released. INTRODUCTION: https://www.youtube.com/watch?v=HdHsRPy3060 PLAYLISTS: The Wealth Series https://www.youtube.com/playlist?list=PLvRueM6wBgobQLeyZYAagFDMjEFTKbhRD Ecenomics https://www.youtube.com/playlist?list=PLvRueM6wBgob54Gs-fOL-8OAQ-IpduwB4 Britain https://www.youtube.com/playlist?list=PLvRueM6wBgobwTT4ATvJjsf8OO6S7wD10 Tax https://www.youtube.com/playlist?list=PLvRueM6wBgoaMni_12J6ULp3yUJisUZoY MMT https://www.youtube.com/playlist?list=PLvRueM6wBgoZ6jvRGSW5YXu8qogE6aClX Money https://www.youtube.com/playlist?list=PLvRueM6wBgoYnLk1c7syTvoIo8bKYUs5m Climate Change https://www.youtube.com/playlist?list=PLvRueM6wBgob4_wsYaVivWd2WumpPLYwJ USA https://www.youtube.com/playlist?list=PLvRueM6wBgoYYd3dSyU2Oyl3x7bWJOP7H Labour https://www.youtube.com/playlist?list=PLvRueM6wBgoa-KhzG-fnjDSg1WROL1zMw The Trump Administration https://www.youtube.com/playlist?list=PLvRueM6wBgobz41-GLimTho27A3flVWQx #Capitalism #HomoEconomicus #ThorsteinVeblen #ConspicuousConsumption #FrancisEdgeworth #JeremyBentham #PoliticalEconomy #TaxJustice #Inequality #EconomicHistory #NeoclassicalEconomics #LeisureClass #BusinessClass #MonopolyPower #WealthInequality #RobberBarons #UKEconomy #USPolitics #CriticalEconomics #EconomicJustice